~ An Aussie look at Financial markets-Been in the Biz for over 30 years!

Friday Market wrap

After four days of losses it was good to see a positive day again. Unfortunately it was hardly huge volume as many players sitting on the sidelines evaluating the current crop of IPOs. The big spurt we saw to begin with, inevitably dwindled as the day wore on and the Aussie chances at the cricket dramatically improved. For the week the market was down 65 odd points to close at 5333 after a rise today of 45.We did see good solid gains across the board with financials leading us out of the wilderness. Westpac Banking Corporation (A$32.50, +0.7%),Australia and New Zealand Banking Group Limited (A$31.68, +0.7%),Commonwealth Bank of Australia (A$76.49, +0.5%) and National Australia Bank Limited (A$33.92, +0.7%) all to the good plus Macquarie Group Limited (A$54.50, +2.1%),Henderson Group PLC. (A$3.77, +1.1%) ,Magellan Financial Group Limited (A$10.22, +4.0%) and QBE Insurance Group Limited (A$15.95, +1.6%). Insurers also had a good day led by Suncorp Group Limited (A$13.55, +1.7%),AMP Limited (A$4.64, +1.3%),Insurance Australia Group Limited (A$6.12, +1.2%) and Challenger Limited (A$6.00, +2.7%).

Volume was pretty sub-standard at a little over $3 bn.hardly the stuff to keep a brokers stockings brimming with good cheer. Over in Asia, Tokyo continues to draw in interest from around the region as it hits post tsunami highs. Abenomics is at least working for its market. Aussie dollar below 92 cents as Bitcons hit $764.Stocks and Stories

House stocks announcing today included DWS Limited (A$1.445, -3.3%) following a client update whilst Mesoblast Limited (A$5.86, +1.9%) announced an award for 2013 financing deal of the year.

BHP Billiton Limited (A$37.83, +0.7%) announced their AGM results. David Jones Limited (A$2.96, +2.1%) hit with a first strike which gives them another few years to get their house in order. Hardly a huge stick to threaten a company’s directors with.

Dr Who turns 50 this weekend. Big party in the Tardis! Sonic Screwdrivers all round.

Seems the Euro chiefs are rapidly losing patience with Greece as their economy is set to contract 4% again this year. Apparently this is good news as estimates were for 4.5%! Also fears are growing that France is going in reverse, has got form in this one, as its (not so ) flash composite PMI (Purchasing Managers Index) – an indicator of the level of business activity – released on Thursday by Markit revealed that output contracted in November to a five-month low of 48.5, down from October’s 50.5

Hardly surprising but a Silicon Valley jury has ruled that Samsung must pay $290m to Apple for copying iPhone and iPad features in its devices. This verdict comes after a previous jury found Samsung owed Apple $1.05bn for copyright infringement.

IPOs coming thick and fast on the international stage too as Cinda, a Chinese bad bank expects to raise $2.5bn in its IPO. Still in China the new Premier Li Keqiang is targeting $1trillion worth of trade with Europe by 2020.Of course when he says trade he means one way trade or at best ,selling stuff to Europe with German engineering nouse.

WTO is on the verge of a global trade pact which some analysts suggest could add $11 trillion to the world’s economy.

And as an Englishmen, not too happy with our show today. Never have so many ,got bowled for so few.